AI
Friday, August 03, 2012 7:32:35 PM
EARNINGSWATCH: Friday, Aug. 3
WellCare shares tumble on earnings news(11:12 am ET)
LOS ANGELES (MarketWatch) -- Shares of WellCare Plans Inc. were off more than 6% in morning trades Friday after the company said it was experiencing higher costs in some markets as it reported second-quarter earnings. The Medicaid insurer said net income was $46.4 million, or $1.08 a share, compared with $69.6 million, or $1.61 a share, for the same period a year ago. Revenue was $1.81 billion against the $1.49 billion reported a year ago. Adjusted earnings were $1.24 a share, three cents ahead of the estimate from analysts polled by FactSet. The company also raised its full-year outlook to a range of $5.25 to $5.45 a share, up from $5.20 to $5.40 a share. But WellCare's medical expenses grew to 86.4% of revenue, up from 81.9% during the same quarter in 2011, driven largely by higher-than-expected costs in the Kentucky market. Shares were off $3.81 to $58.57 in recent action.
HealthNet plummets 23% after earnings miss(10:53 am ET)
LOS ANGELES (MarketWatch) -- Shares of Health Net Inc. (HNT: news, chart, profile) plummeted by more than 23% in morning trades Friday after the health insurer's second-quarter earnings were one-eleventh that of estimates, due to higher than expected costs, and it cut its earnings outlook by more than half. The company said net income was $124.6 million, or $1.48 a share, compared with $58.3 million, or 63 cents a share, for the same period a year ago. Revenue for the Woodland Hills, Calif.-based company was $2.84 billion against last year's $2.83 billion. After a one-time gain from a sale of operations, adjusted earnings were 6 cents a share. Analysts polled by FactSet had expected earnings of 66 cents a share. The company cut its adjusted earnings-per-share outlook for the rest of 2012 to a range of $1 to $1.10, down from $2.35 to $2.50. Shares were down $5.38 to $17.32 in recent action.
OpenTable shares surge 17% on upbeat earnings (10:01 am ET)
SAN FRANCISCO (MarketWatch) -- OpenTable Inc. (OPEN: news, chart, profile) shares climbed $5.85 or 17%, to $40 Friday following the online restaurant review and reservation company's second-quarter results. Late Thursday, OpenTable said it earned $5.7 million, or 25 cents a share, on $39.6 million, compared with a profit of $6.3 million, or 26 cents a share, on $34.3 million in sales in the same period a year ago. Excluding one-time items, OpenTable would have earned 42 cents a share. The results topped the estimates of analysts surveyed by FactSet Research, who forecast OpenTable to earn 37 cents a share on $39.4 million in revenue.
http://www.marketwatch.com/news/markets/earningswatch.asp
WellCare shares tumble on earnings news(11:12 am ET)
LOS ANGELES (MarketWatch) -- Shares of WellCare Plans Inc. were off more than 6% in morning trades Friday after the company said it was experiencing higher costs in some markets as it reported second-quarter earnings. The Medicaid insurer said net income was $46.4 million, or $1.08 a share, compared with $69.6 million, or $1.61 a share, for the same period a year ago. Revenue was $1.81 billion against the $1.49 billion reported a year ago. Adjusted earnings were $1.24 a share, three cents ahead of the estimate from analysts polled by FactSet. The company also raised its full-year outlook to a range of $5.25 to $5.45 a share, up from $5.20 to $5.40 a share. But WellCare's medical expenses grew to 86.4% of revenue, up from 81.9% during the same quarter in 2011, driven largely by higher-than-expected costs in the Kentucky market. Shares were off $3.81 to $58.57 in recent action.
HealthNet plummets 23% after earnings miss(10:53 am ET)
LOS ANGELES (MarketWatch) -- Shares of Health Net Inc. (HNT: news, chart, profile) plummeted by more than 23% in morning trades Friday after the health insurer's second-quarter earnings were one-eleventh that of estimates, due to higher than expected costs, and it cut its earnings outlook by more than half. The company said net income was $124.6 million, or $1.48 a share, compared with $58.3 million, or 63 cents a share, for the same period a year ago. Revenue for the Woodland Hills, Calif.-based company was $2.84 billion against last year's $2.83 billion. After a one-time gain from a sale of operations, adjusted earnings were 6 cents a share. Analysts polled by FactSet had expected earnings of 66 cents a share. The company cut its adjusted earnings-per-share outlook for the rest of 2012 to a range of $1 to $1.10, down from $2.35 to $2.50. Shares were down $5.38 to $17.32 in recent action.
OpenTable shares surge 17% on upbeat earnings (10:01 am ET)
SAN FRANCISCO (MarketWatch) -- OpenTable Inc. (OPEN: news, chart, profile) shares climbed $5.85 or 17%, to $40 Friday following the online restaurant review and reservation company's second-quarter results. Late Thursday, OpenTable said it earned $5.7 million, or 25 cents a share, on $39.6 million, compared with a profit of $6.3 million, or 26 cents a share, on $34.3 million in sales in the same period a year ago. Excluding one-time items, OpenTable would have earned 42 cents a share. The results topped the estimates of analysts surveyed by FactSet Research, who forecast OpenTable to earn 37 cents a share on $39.4 million in revenue.
http://www.marketwatch.com/news/markets/earningswatch.asp
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